Printer Friendly

OMNI INSURANCE GROUP, INC. COMPLETES INITIAL PUBLIC OFFERING

 ATLANTA, July 29 /PRNewswire/ -- Dudley L. Moore Jr., chairman and chief executive officer of Omni Insurance Group, Inc. (NASDAQ-NMS: OMGR), announced today that the registration statement relating to its initial public offering was declared effective by the Securities and Exchange Commission, and that 2 million shares of its common stock were sold at a price of $14 per share.
 Trading on the NASDAQ National Market System began Thursday under the symbol OMGR. Stephens Inc. was the managing underwriter of the initial public offering.
 Proceeds from the offering will be used to retire debt, eliminate the need for quota-share reinsurance and provide capital for expansion.
 The company and Moore have granted the underwriters a 30-day option to purchase up to an additional 200,000 and 100,000 common shares respectively for the purpose of covering any over-allotments.
 Omni Insurance Group, Inc. is an Atlanta-based insurance holding company. The company's principal subsidiary, Omni Insurance Company, is a specialty insurer which markets and underwrites non-standard automobile insurance through approximately 2,200 independent agents in Alabama, Florida, Georgia, Kentucky, Mississippi and Virginia.
 Non-standard automobile insurance is designed for drivers who are unable to purchase insurance in the preferred or standard insurance market due to lapse of previous coverage, limited driving experience, unsatisfactory prior driving record, or other restrictive underwriting criteria.
 A copy of the prospectus may be obtained from Stephens Inc., 111 Center St., Little Rock, AR 72201, phone 501-377-2130.
 -0- 7/29/93
 /CONTACT: Dudley L. Moore Jr., chairman and CEO of Omni Insurance Group, 404-952-4500/
 (OMGR)


CO: Omni Insurance Group, Inc. ST: Georgia IN: INS SU: OFR

RA-BN -- AT020 -- 7329 07/29/93 15:06 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1993
Words:274
Previous Article:ZYCAD ANNOUNCES EXPECTATION OF SECOND QUARTER LOSS AND WORK FORCE REDUCTION
Next Article:USAIR FREQUENT TRAVELER PROGRAM ADDS NEW AWARD DESTINATIONS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters